Payment solutions firm AscendantFX has introduced a new product, Payee Intel, which will make cross-border payments more efficient and reduce costs, according to a Tuesday (May 26) press release.
AscendantFX says the product will reduce the amount of returns and investigations on cross-border payments, make it more efficient to collect payee banking details and make it cheaper overall to send the payments internationally.
The company says the technology looks to correct some of the more pressing issues companies often have sending payments across borders, such as flubbed details for payees that end up eating up more time in the long run, and different data requirements between countries that slow things down.
And differing time zones between points of contact can also create a cumbersome process.
Payee Intel will utilize cloud technology and artificial intelligence (AI) to streamline the process by guiding a user through the payment process and notifying them of any mistakes or incomplete fields that are needed in order to complete the payment.
After that, the order is validated through AscendantFX’s global financial database, and when everything has been validated, the payee information is saved in a database for any future use, to cut out the process of filling everything out again.
According to the release, many AscendantFX customers are already utilizing the Payee Intel technology to convert paper checks into digital payments.
The global pandemic and shutdown have become a turning point for some companies on utilizing digital payments over paper technology.
Due to many offices being closed, accounts payable staff have lacked access to the same tools they had in the office to work from home, which has created delays — and has also prompted people to think about going digital in a timely way.
Factors in this digital shift thus far have included virtual cards and more use of cloud technology, as companies try to find the best ways to make payments faster, safer and more efficient for all parties involved.